The Differences Between Economic and Non-Economic Damages in an Accident

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Automobile accidents cause many different kinds of problems for those affected by them. Although the circumstances may vary, damages in the wake of an accident can be broken down into two main kinds: economic and non-economic. Understanding the differences between these kinds of damages can help you seek and acquire the maximum amount of compensation from the guilty party in the accident.

Firstly, economic damages are the most commonly inflicted in auto accidents. Economic damages are also the easiest to quantify, as they are defined as any kind of tangible expense that is necessary due to medical treatment, property restoration, or for potentially lost wages or specific items. This includes any sort of medical attention, including doctor’s visits, medication, therapy, and more. Basically, if there can be a dollar amount associated with the cost of something, or the lack of something, it falls under the category of economic damages.

Non-economic damages, therefore, are anything that does not meet these criteria. Following an auto accident, it is very possible that there are certain psychological, emotional, or impacts to one’s life that are intangible and do not have a financial amount directly associated with them. This does not make this kind of suffering any less valid, even in the eyes of the law, as you can still seek compensation for them through a personal injury claim.

Whenever a personal injury claim is filed in the aftermath of an accident, the compensation sought after is usually a combination of the economic damages and what a judge would estimate or associate with the other factors to be. Due to the secondary part being more volatile, it is always recommended to consult with an attorney to give you the best chance of winning your personal injury case. We at the Franco Law Firm have helped many people recover both economic and non-economic damages in such cases and we would be happy to help you do the same. To schedule a free consultation with us today, please call (813) 872-0929.